The economy in the United Kingdom before the Brexit. Part 4

The new government in the UK has apparently decided to take the difficult road out of the EU. What will actually be gained or lost by this remains for now a completely open question. The conditions of the Brexit still need to be negotiated. However, macroeconomically speaking, Great Britain faces the same dilemma as the EMU. It is clear an…

The new government in the UK has apparently decided to take the difficult road out of the EU. What will actually be gained or lost by this remains for now a completely open question. The conditions of the Brexit still need to be negotiated. However, macroeconomically speaking, Great Britain faces the same dilemma as the EMU.

It is clear and we have pointed this out on several occasions (for example here), that the EU will not accept unlimited access to the single market and restrictions to intra-European migration. This is simply out of the question. It raises the question whether the exit of the United Kingdom will create macroeconomic positive or negative effects. Will the Brexit allow the UK to formulate better economic policies?

To answer this question, we must realise that the UK has been far less affected by the oftentimes irrational and increasingly dogmatic Eurogroup policy, because the UK has never been a member of the monetary union. Great Britain had the freedom to follow a completely different set of policies. Whether this happened, and to what extent, is another question altogether. Former Prime Minister Cameron’s government was just as dogmatic neoclassical-conservative as the EU Commission and the Eurogroup.

The mos…
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